Deltek Inc. (ticker: PROJ, exchange: Privately Held)
News Release -
Deltek Completes Amendment and Extension of Its Existing Credit Agreement
HERNDON, Va.--(BUSINESS WIRE)--Aug. 24, 2009--
Deltek, Inc. (Nasdaq:PROJ), the leading provider of enterprise
applications software for project-focused businesses, announced today
that it has successfully completed the amendment and extension of its
current term loans and revolving credit facility.
Under the amended Credit Agreement, $129.4 million of the Company’s
existing term loans were extended by two years to April 22, 2013. The
remaining $50.2 million of the Company’s existing term loans will mature
on April 22, 2011, with four equal quarterly installments beginning on
September 30, 2010.
Under the amended Credit Agreement, the Company also extended by three
years $22.5 million of the Company’s current revolving credit facility.
It will now expire on April 22, 2013. The remaining $7.5 million of the
Company’s current revolving credit facility will expire on April 22,
For both the revolving credit facility and term loans that were extended
to April 22, 2013, the Company will pay an interest rate equal to LIBOR
plus 4.25%, with a LIBOR floor of 2.00%. In addition, the Company will
pay a fee equal to 0.75% of the undrawn portion on the revolving credit
facility that was extended to April 22, 2013. There currently are no
borrowings outstanding under the revolving credit facility.
“In keeping with our goal of maximizing our financial flexibility and
improving upon our already strong balance sheet, we proactively extended
these existing term loans and our revolving credit facility,” said Kevin
Parker, president and CEO of Deltek. “These moves, coupled with our
current cash balance in excess of $120 million, significantly enhance
our ability to further invest in our business and capitalize on future
Deltek (Nasdaq:PROJ) is the leading provider of enterprise applications
software designed specifically for project-focused businesses. For more
than two decades, our software applications have enabled organizations
to automate mission-critical business processes around the engagement,
execution and delivery of projects. More than 12,000 customers worldwide
rely on Deltek to measure business results, optimize performance,
streamline operations and win new business. Visit www.deltek.com.
This press release contains forward-looking statements that involve
substantial risks and uncertainties. You can identify forward-looking
statements by words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “should,” “will,” “would”
or similar words. You should consider these statements carefully because
they discuss the Company’s plans, targets, strategies, prospects and
expectations concerning the Company’s business, operating results,
financial condition and other similar matters. The Company believes that
it is important to communicate its future expectations to its investors.
There will be events in the future, however, that the Company is not
able to predict accurately or control. The Company’s actual results may
differ materially from the expectations it describes in its
forward-looking statements. Factors or events that could cause actual
results to materially differ may emerge from time to time, and it is not
possible to accurately predict all of them. Before you invest in the
Company’s common stock, you should be aware that the occurrence of any
such event or of any of the additional events described as risk factors
in the Company’s filings with the Securities and Exchange Commission
could have a material adverse effect on the Company’s business, results
of operation and financial position. Any forward-looking statement made
by the Company in this press release speaks only as of the date on which
the Company makes it. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Source: Deltek, Inc.
Patrick Smith, 703-885-9062